Excerpt
Community banks may soon be able tap a $30 billion government fund to help them increase lending to small businesses.
Democrats in Congress said the banks should be able to use the money to leverage up to $300 billion in loans to small businesses, helping to loosen tight credit markets. GOP opponents called it another unwise bank bailout.
A measure creating the fund overcame a Republican filibuster in the Senate Thursday evening by a 60-37 vote with two Republicans joining Democrats in support of the fund.
The measure, supported by President Barack Obama, will be added to a bill providing a series of tax breaks aimed at small businesses, which could come up for a vote in the Senate next week. The House passed a bill establishing a similar lending fund in June.
The money would be available to banks with less than $10 billion in assets.
Reminder, the filibuster was by the GOP which clams that it's interested in small business.
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